Theo Fennell, the jeweller favoured by celebrities such as Victoria Beckham, today warned that anaemic Christmas sales would “materially” hit its profits.

The group suffered a slump in international and UK customers over the festive period as poor consumer confidence took its toll on luxury spending. Its shares fell 6 per cent in early trading.

The group sells jewellery designed by its founder Theo Fennell, who still owns 16.1 per cent of the company, from a flagship store in Fulham, west London, a shop in Mayfair and concessions in Harrods and Selfridges.